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Topic: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 19:35:52 and read 1245 times.

In fact, it's almost at $59. Good news for the airlines.

Not giving up my Prius though!!  Wink

Topic: RE: Oil Well Under $60.
Username: Cadet57
Posted 2006-10-03 19:37:35 and read 1245 times.

Quoting Boeing Nut (Thread starter):
In fact, it's almost at $59. Good news for the airlines.



Quoting Boeing Nut (Thread starter):
Oil Well Under $60. 

WTF? over...

Topic: RE: Oil Well Under $60.
Username: Texdravid
Posted 2006-10-03 19:48:52 and read 1222 times.

Silence. Anger. Revulsion that the oil companies are lowering prices to help Bush and the Republicans.

Signed,

The A.net political gliterrati (American division), and European division.

Topic: RE: Oil Well Under $60.
Username: CasInterest
Posted 2006-10-03 19:51:28 and read 1218 times.

Well to make those feel better about oil going lower.
The OPEC CARTEL is getting ready to drop production to raise prices. Should take effect in the middle to end of November.  Smile

Of course I want oil to stay higher longer. It will allow more investment in alternative fuels and other riskier oil drilling that will really screw over OPEC down the road.

Topic: RE: Oil Well Under $60.
Username: Aloges
Posted 2006-10-03 19:56:47 and read 1210 times.

Quoting Texdravid (Reply 2):
Silence. Anger. Revulsion that the oil companies are lowering prices to help Bush and the Republicans.

Signed,

The A.net political gliterrati (American division), and European division.

Errr... well, if that's what you'd like to hear...

Anyway, it certainly is a good thing from a short-term POV - which often seems to be all that matters in the business world - but it won't stay that way for long since it has to do with trading and reserves, and the higher the oil price is, the higher the incentive to use less oil will be.

Topic: RE: Oil Well Under $60.
Username: VC10
Posted 2006-10-03 20:02:34 and read 1205 times.

Quoting Texdravid (Reply 2):
Silence. Anger. Revulsion that the oil companies are lowering prices to help Bush and the Republicans.

That is not true , the real reason they have done it is because they have heard that I have spent out the cash to have solar heating fitted to my house to save money on heating oil and now they have gone and lowered the price of oil, Not only that as soon as it was fitted we have had nothing but cloud

Littlevc10  crying 

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 20:12:32 and read 1198 times.

Quoting Cadet57 (Reply 1):
WTF? over...

Whats so confusing? It was down substancially for the day bringing it under $60. I then stated that it was down even more buy saying that it's almost at $59.

At any rate, it's now well under $59 at $58.70 as I write this.

Topic: RE: Oil Well Under $60.
Username: Cadet57
Posted 2006-10-03 20:18:10 and read 1190 times.

Your title does not make sense. You said oil is WELL under 60.00 but as you posted you said it was almost at 59.00. Meaning it was not UNDER 60 a barrel....

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 20:25:40 and read 1184 times.

Quoting Cadet57 (Reply 7):
Your title does not make sense. You said oil is WELL under 60.00 but as you posted you said it was almost at 59.00. Meaning it was not UNDER 60 a barrel....

Now it's my turn to say WTF?

Topic: RE: Oil Well Under $60.
Username: DeltaGator
Posted 2006-10-03 20:31:46 and read 1179 times.

Well under $60 would be $40 or even lower. $59 and some change is not well under $60 as you have tried to say in your title. That's WTF.

I'll take anything though. Gas will drop below $2/gallon here in Georgia within the week.

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 20:48:24 and read 1168 times.

Quoting DeltaGator (Reply 9):

I was just using the "lingo" on these financial shows. When they quote a price, say in this case $60, if it had been at that price at the start of the day, a decrease of 5-10 cents is not that much, but if it's down by 50 cents or more, they will use the term "well under". I guess that's where the confusion came into play.

Quoting Cadet57 (Reply 7):
you said it was almost at 59.00. Meaning it was not UNDER 60 a barrel....

That's where my WTF comes in. Last I heard 59 was under 60.

Topic: RE: Oil Well Under $60.
Username: Cadet57
Posted 2006-10-03 20:50:17 and read 1168 times.

Quoting Boeing Nut (Reply 10):

Almost at 59 a barrel isnt 59... I know the maths may be hard. But at your thread opener. Oil wasnt "well" under 60 a barrel...

Topic: RE: Oil Well Under $60.
Username: VC10
Posted 2006-10-03 20:56:39 and read 1160 times.

[

Quoting Boeing Nut (Reply 10):
That's where my WTF comes in. Last I heard 59 was under 60.

I would not let it bother you,it is not worth argueing about, good topics must be slack today.

Be happy littlevc10

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 20:58:20 and read 1156 times.

Quoting Cadet57 (Reply 11):
Quoting Boeing Nut (Reply 10):
Almost at 59 a barrel isnt 59... I know the maths may be hard. But at your thread opener. Oil wasnt "well" under 60 a barrel...

Check please.....  banghead 

Topic: RE: Oil Well Under $60.
Username: Cadet57
Posted 2006-10-03 21:04:04 and read 1146 times.

Quoting Boeing Nut (Thread starter):
Oil Well Under $60. 

Then you say:

Quoting Boeing Nut (Thread starter):
In fact, it's almost at $59

That is not well under. Hell its barely under 60 as is....

Topic: RE: Oil Well Under $60.
Username: NWA742
Posted 2006-10-03 21:07:07 and read 1146 times.

Although I think it's great that prices continue to fall............I must ask...........what happened?

I mean..........since they began rising, what has happened in the world to make them start falling so quickly?

The excuses that the oil companies were using for the rising prices are still threats today - Iran still needs some bombs (from our planes), Iraq is not looking pretty, and I'm sure there are potential hurricanes brewing out in the Atlantic that could hit NO as we speak.........

Makes you wonder......what happened? I respect the oil companies for their smart business practices, yet have a certain hatred for them for pulling this kind of crap.




-NWA742

Topic: RE: Oil Well Under $60.
Username: AvObserver
Posted 2006-10-03 21:14:01 and read 1133 times.

Quoting Boeing Nut (Thread starter):
Not giving up my Prius though!!

Good decision because as others here relate, it won't last. Rest assured, OPEC will again put the squeeze on us, as soon as they get their act together. The airlines, and truck/SUV sales dependent GM and Ford may be breathing a sigh of relief but it will be short-lived. By next year, we'll likely see record prices again. I hope within a generation there will be enough alternatives around to allow us to wean ourselves off this insidious oil fix.

Topic: RE: Oil Well Under $60.
Username: A332
Posted 2006-10-03 21:14:20 and read 1133 times.

Quoting Cadet57 (Reply 7):
Your title does not make sense. You said oil is WELL under 60.00 but as you posted you said it was almost at 59.00. Meaning it was not UNDER 60 a barrel....

$59.00 IS under $60.00... it's not WELL under... but it IS under.

Grade 1 math... I was there, were you?  Wink

Topic: RE: Oil Well Under $60.
Username: Cadet57
Posted 2006-10-03 21:16:00 and read 1125 times.

Quoting A332 (Reply 17):
$59.00 IS under $60.00... it's not WELL under... but it IS under.

Hence:

Quoting Cadet57 (Reply 14):
That is not well under. Hell its barely under 60 as is....

And first grade was fun.  Wink

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 21:34:04 and read 1113 times.

Closed at $58.68 per barrel, down $2.35.

No other descriptions on price will be used.  Yeah sure

Topic: RE: Oil Well Under $60.
Username: A332
Posted 2006-10-03 21:36:12 and read 1109 times.

Well... you did term it up incorrectly...

If it closed @ $55/bbl... then hey, it would be WELL under $60...

$58.68... umm no.

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 21:43:08 and read 1102 times.

Quoting A332 (Reply 20):

Again, I was just using "the lingo".

Regards.

Put a fork in me...............

Topic: RE: Oil Well Under $60.
Username: Gilligan
Posted 2006-10-03 21:56:49 and read 1094 times.

Quoting NWA742 (Reply 15):
and I'm sure there are potential hurricanes brewing out in the Atlantic that could hit NO as we speak

Given the upper level winds in the gulf right now, that would be a pretty neat trick.

Topic: RE: Oil Well Under $60.
Username: DrDeke
Posted 2006-10-03 22:32:54 and read 1073 times.

Quoting Boeing Nut (Reply 13):
Check please.....

That'll be just under 60 dollars, please.

 bouncy 

-DrDeke

Topic: RE: Oil Well Under $60.
Username: Boeing Nut
Posted 2006-10-03 22:47:54 and read 1064 times.

Quoting DrDeke (Reply 23):
Check please.....

That'll be just under 60 dollars, please.

Just had to go there, didn't ya?  rotfl 

Nice one!  highfive 

Topic: RE: Oil Well Under $60.
Username: EA CO AS
Posted 2006-10-03 23:26:04 and read 1042 times.

Quoting NWA742 (Reply 15):
Makes you wonder......what happened? I respect the oil companies for their smart business practices, yet have a certain hatred for them for pulling this kind of crap.

The threat of hurricanes wreaking havoc on the Gulf of Mexico appears to be overblown (so far), and the easing of tensions between Israel and Lebanon as well as the decreasing likelihood of armed conflict between the U.S. and Iran has removed some of the "panic-induced premium" that has been part of the price of each barrel of oil for the last six months to a year.

And while I'm no fan of big oil, they no more set the price of a barrel than Southwest Airlines sets the price of 737s.

Topic: RE: Oil Well Under $60.
Username: KFLLCFII
Posted 2006-10-03 23:29:52 and read 1066 times.

Quoting NWA742 (Reply 15):
I respect the oil companies for their smart business practices, yet have a certain hatred for them for pulling this kind of crap.

Please forgive my ignorance, but why the hatred directed toward oil companies with regard to prices?

Is it not the New York Mercantile Exchange who sets the Light Sweet Crude Oil price?

Topic: RE: Oil Well Under $60.
Username: AndesSMF
Posted 2006-10-04 01:57:29 and read 1038 times.

Quoting NWA742 (Reply 15):
Makes you wonder......what happened?

One word: Speculation. Same as has happened with housing in the last 5 years. Prices out of whack to the actual value of the commodity. Who did it? Good question. But I do wonder, if for example, if Iran and Venezuela made future financial commitments according to a high oil price.

Quoting EA CO AS (Reply 25):
And while I'm no fan of big oil, they no more set the price of a barrel than Southwest Airlines sets the price of 737s.

Let's all try to remember that fact.

Topic: RE: Oil Well Under $60.
Username: F9Animal
Posted 2006-10-04 02:34:04 and read 1025 times.

OPEC is freaking out. They are going to hold an emergency conference.

This pisses me off! When oil hit $50.00 a barrel, OPEC stated it was sooooo worried about the high prices, and tried to act like it was doing everything in its power to lower the prices. When it hit $78 a barrel, OPEC was quietly hiding in the corner, sucking on cigars..... They are a mob, and mobs need to be crushed.


The end.

Topic: RE: Oil Well Under $60.
Username: ANCFlyer
Posted 2006-10-04 03:07:40 and read 1009 times.

One thing that helped the prices recently was the additional supply off Alaska's North Slope . . . all of the fields are producing and pumping once again.

BP restarted it's East Operating Area, shut down after the discovery of the corroded lines - using different lines and rerouting some of the oil to the Gathering Center at Pump Station 1 on the Trans Alaska Pipeline. Also, the Lisburne was restarted. It had been down for a bit as they also had corrosion problem worries. Both fields combined added another quarter million barrels back into the supply that was lost earlier this past summer.

Interestingly, Anchorage hasn't seen much change in prices at the pump. Down only about 12% . . .

Topic: RE: Oil Well Under $60.
Username: Aleksandar
Posted 2006-10-04 03:36:31 and read 993 times.

Few weeks ago, someone posted about oil in Canada and something that Canada has as much oil as Saudi Arabia. If that is even remotely true, when will oil be pumped from Canada?

Topic: RE: Oil Well Under $60.
Username: Halls120
Posted 2006-10-04 04:34:45 and read 973 times.

Quoting Boeing Nut (Thread starter):
In fact, it's almost at $59. Good news for the airlines.

Bad news for my mom, though. Her royalty checks will be smaller.  Sad

Quoting AndesSMF (Reply 27):
One word: Speculation. Same as has happened with housing in the last 5 years. Prices out of whack to the actual value of the commodity. Who did it? Good question. But I do wonder, if for example, if Iran and Venezuela made future financial commitments according to a high oil pric

According to an NPR report I heard last month, one analyst says it was the large institutional banks and pension funds. They found out they could buy oil, store it, and sell futures contracts at higher prices. Once they ran out of storage room, that is.

Topic: RE: Oil Well Under $60.
Username: AndesSMF
Posted 2006-10-04 04:40:17 and read 961 times.

Quoting Aleksandar (Reply 30):
someone posted about oil in Canada and something that Canada has as much oil as Saudi Arabia

http://en.wikipedia.org/wiki/Tar_sands

Quoting F9Animal (Reply 28):
This pisses me off! When oil hit $50.00 a barrel, OPEC stated it was sooooo worried about the high prices, and tried to act like it was doing everything in its power to lower the prices. When it hit $78 a barrel, OPEC was quietly hiding in the corner, sucking on cigars..... They are a mob, and mobs need to be crushed.

 checkmark 

Unfortunately, most of the OPEC countries have wasted this windfall, but I hear that Mexico stashed away a lot of these gains.

Topic: RE: Oil Well Under $60.
Username: Aleksandar
Posted 2006-10-04 05:10:19 and read 949 times.

Quoting AndesSMF (Reply 32):

Thanks. It seems that it is difficult to get oil there, but at least it is possible. I hope that the oil extracted from Canada and the US would be enough to affect the global price of oil and we should not forget Russian reserves, too.

Topic: RE: Oil Well Under $60.
Username: AndesSMF
Posted 2006-10-04 05:25:28 and read 942 times.

Quoting Aleksandar (Reply 33):

I think you will be right.

One thing to remember, too high of a price on oil can put a crimp on your economy, and lower prices might end up slightly increasing usage.

But the grapevine says that oil prices will continue to head south. The way I read it, the high prices were not based in any logical fundamentals, creating a price bubble (like many past fads). Once you have a bubble pop, prices go down by a lot.

Topic: RE: Oil Well Under $60.
Username: Baroque
Posted 2006-10-04 17:43:28 and read 874 times.

Quoting VC10 (Reply 5):
Not only that as soon as it was fitted we have had nothing but cloud

Well VC10 just bring it over here and park it on my roof next to mine, we are getting about 50 deg C at present (well too hot for my fingers when washing up) with no booster since end Aug (well apart from when a valve died). And coming from the UK you could bring your rain dance with you, cos even the amount you have had in Hamps would be just great. (Just don't bring SKW with you!)

The drop in oil prices is indeed fascinating. The lack of war noises must be one major factor.

Which makes the N Korean effort at "diplomacy" interesting. What should be the reaction to that? Oil supplies are not threatened, well no more than Russia is already threatening Sakhalin.

Presumably a war in the Koreas would destroy a fair bit of world trade, so that particular war might even lower oil prices. Anyone care to offer odds?


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